Cross-chain protocol Wormhole announces airdrop and 4-year tokenomics plan

Quick Take

  • The cross-chain protocol Wormhole announced an airdrop for its W token. 
  • The protocol noted that 82% of the tokens will be initially locked and then dispersed over a span of four years. 

The cross-chain protocol Wormhole has announced the airdrop of its native token. 

Using the ticker "W," the token will have a maximum supply of 10 billion with an initial "circulating supply" of 1.8 billion, according to a release. The digital assets will be divide among the following groups: guardian nodes, community and launch, ecosystem and incubation, core contributors, strategic network participants and the foundation treasury.

Wormhole added that 82% of the tokens will be initially locked and then release over the course of four years. The protocol will utilize the native ERC-20 and SPL token formats, also according to the release.

Last November, Wormhole closed a $225 million funding round, netting the firm a $2.5 billion valuation. Its backers include Brevan Howard, Coinbase Ventures, Multicoin Capital and Jump Trading, among others.

Wormhole, once part of Jump Trading, had 120,000 ETH (worth $323 million at the time) stolen by hackers in 2022. The hack is considered one of the largest exploits in decentralized finance history. 


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Wormhole's plan to decentralize governance

Stating in Wednesday's airdrop announcement that web3 relies on transparency and security, Wormole said it has handled nearly 1 billion multichain messages for applications and projects such as Uniswap, Circle and Lido.

"Over time, Wormhole plans to progressively decentralize the protocol's governance to W holders. After the token generation and distribution events, on-chain governance will largely guide community programs and treasury-related activities," the protocol said in its release. "The goal of this governance launch is to empower and enable the Wormhole community to address these critical areas with the necessary resources and support."


Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


To contact the editor of this story:
RT Watson at
[email protected]